3893 E Redwood Place in Chandler, AZ. Click here to view the listing!
The Luxury Market Report is here! Let’s dive into some highlights of single-family luxury home sales in October:
Still a Seller’s Market
With 62% of available homes being sold last month, it is still a seller’s market. Additionally, sales prices were nearly identical to the list prices of available homes.
Total Homes Were Down
There were roughly 300 homes on the market, nearly half of what was available in October 2020. Paired with rapid sales times, inventory is struggling to meet the demand for homes.
Homes sold quickly in October, having one of the lowest sales times of 2021. Spending an average of 33 days on the market, it was a significant difference compared to the 88-day window reported the previous month.
Sales Averaged Around $1.58M
Most home sales fell into the $1.5 to $1.7M price range. On the other hand, most homes $4.5M or higher remained on the market as only 8 of 56 sold during the month.
That concludes this round of updates! I hope this overview was helpful, but feel free to give me a call at 480-355-8645 for further insight into the current market. And, as always, you can check out our local listings whether you’re looking for your next home or are curious about what’s available.